> ## Documentation Index
> Fetch the complete documentation index at: https://docs.scape.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# Commodities

> Commodity assets supported on Scape.

Scape lists perpetual futures on regional commodity markets. All are quoted in the
underlying market's local currency and settled in USDC as quanto contracts — there is no FX
conversion at any point.

## Contract Specifications

Every Scape market defines the same set of parameters:

| Parameter           | Description                                                                    |
| ------------------- | ------------------------------------------------------------------------------ |
| Underlying          | The regional spot assessment the index tracks                                  |
| Quote               | Local-currency unit of the underlying market                                   |
| Settlement          | USDC                                                                           |
| P\&L                | Quantity × change in the local-currency price, paid one-for-one in USDC        |
| Position notional   | \|quantity\| × contract price, expressed in USDC                               |
| Tick                | Minimum price increment                                                        |
| Quantity precision  | Set per market; fractional quantities supported                                |
| Minimum order value | \$10, venue-wide                                                               |
| Max leverage        | Set per market; steps down at higher position notionals                        |
| OI cap              | Per-market open-interest limit, plus an aggregate cap across all Scape markets |
| Funding cadence     | Hourly                                                                         |
| Margin mode         | Isolated only                                                                  |

Risk is isolated per market — each market carries its own leverage limits and open-interest
cap, so no single market can contaminate the wider book.

## External Coverage

External prices are derived from composite spot assessments published by Scape's reporter
network, validated and relayed on-chain on a regular cadence. No FX conversion is applied.

Regional assessments publish during local market sessions. Coverage is dark during:

* Weekends.
* Regional public holidays.
* Gaps between local trading sessions.

During dark windows the perp continues to trade. The oracle advances under a bounded
discovery mechanism anchored to the last published print, and holds flat on public holidays.
See [Oracle Price](/market-mechanics/oracle-price) for the off-hours methodology.

<Note>
  Holiday calendars follow the official schedule of each underlying regional market and can
  hold the oracle for multiple consecutive days during extended closures.
</Note>

## Quanto Payoff

There is no contract multiplier. P\&L is the position quantity times the change in the
local-currency price, paid one-for-one in USDC:

$$
\text{PnL (USDC)} = \text{quantity} \times (\text{exit price} - \text{entry price})
$$

**Example.** Long 1.0 contract; the price rises 50 units in local currency. P\&L is +50 USDC.
Quantities can be fractional, so a 0.001-contract position gains 0.05 USDC on the same move.